There were no significant tax legislative changes during 2019 except that Congress and the President approved a $426 billion bipartisan tax cuts package addressing tax extenders, retirement savings and various technical corrections to the 2017 Tax Cuts and Jobs Act the week before Christmas. The tax provisions were part of a broader year-end government spending bill to avoid another government shutdown. The two most notable tax legislative provisions are summarized below and some of the most relevant highlights are discussed in more detail throughout this memorandum:
- The retroactive and current renewal of over two dozen temporary tax breaks known as tax extenders, which have expired or are soon-to-be expired, spanning from 2017 to 2019. Generally, the renewed tax breaks are extended through 2020 and some are extended until 2022;
- The “Setting Every Community Up for Retirement Enhancement” bill (HR 1994) (“Secure Act”), which makes sweeping changes to retirement savings and employer retirement contribution provisions.
Please click here to read our 2019 Year-End Tax Planning Summary.